Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS

14. EMPLOYEE BENEFIT PLANS

 

The Company has qualified 401(k) plans covering all U.S. employees who have completed one month of service. The plans provide for matching contributions by the Company for employees of the Company and most U.S. subsidiaries, although there is no match for CPM employees. Employer contributions to the plans for the years ended December 31, 2023 and 2022 were approximately $587,000 and $549,000, respectively.

 

Additionally, the Company has a defined contribution retirement plan covering all employees located in our Pakistan Offices who have completed three months of service. The plan provides for monthly contributions by the Company which are equal to 10% of qualified employees’ basic monthly compensation. The Company’s contributions for the years ended December 31, 2023 and 2022 were approximately $394,000 and $329,000, respectively.

 

The Company maintains a defined contribution retirement plan covering all employees in Sri Lanka. The employee and employer contribute 8% and 12%, respectively, of the employee’s gross salary. The Company’s contribution for the years ended December 31, 2023 and 2022 was approximately $24,000 and $22,000, respectively. The contributions are required to be deposited with the Employees’ Provident Fund Organization, a government owned entity.